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Beans look strong today

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    #1

    Beans look strong today

    Bullish beans and canola gaining back some ground.
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    #2
    Only one that watches markets but sometimes they can be humbling. Interes the pop in oilseed prices this am. I have to admit to being curious at different points to US crop rotations and things that drive the corn soybean decision. Picking on January 12, Nov. soybean futures were $11.60/bu and Dec. corn $5.60/bu or a ratio of 2.1. Today, Nov. soybeans $13.50/bu ish and corn $5/bu ish or a ratio of 2.7. Will be curious to see what actual acres are both on double cropped land in the S.E. US and the midwest.

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      #3
      To put above into a Canadian context, MGEX Dec. wheat was about $8/bu or about $295/tonne (no currency adjustment) versus Nov. canola at $500/tonne - ratio 1.7. Today, MGEX December wheat at $7.40/bu ($270/tonne) versus Nov. canola at $575/tonne or a ratio of 2.1.

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        #4
        Some of the widening of the Corn/Bean ratio is because a goodly number of Corn belt farmers (as I understand it) spread their fertilizer months before planting season, thereby locking in that acreage to Corn.

        In a world of fast moving markets that practice will have to change.

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